Tax Collected at Source

Tax Collected at Source (TCS) is income tax collected by seller in India from payer on sale of certain items. It is provided in section 206C of Income Tax Act 1961. The seller has to collect tax at specified rates from the payer who has purchased these items :

It is the amount paid by buyer and buyer will get the TCS Paid Certificate from seller. Buyer take the credit of TCS at the time of filling of return of their income. Seller has to pay the amt to govt with the due date and file return of the TCS paid quarterly.